Suppose the town of Rome, Georgia has a civilian population of 36,407, a non-institutionalized civilian population...
Suppose the town of Rome, Georgia has a civilian population of 36,407, a non-institutionalized civilian population of 35,203, a labor force participation rate pf 86%, and unemployment rate of 15%. How many people are employed in this town?
Homework Answers
Ans: Total employed people = 25734
Explanation:
A labor force participation rate of 86% means this percentage of people in labor force from a non-institutionalized civilian population.
Labor force participation rate = Labor force / non-institutionalized civilian population.
Labor force = Labor force participation rate * non-institutionalized civilian population.
= 86% * 35203
= 0.86 * 35203
= 30274.58 or 30275
15% of labor force are unemployed .
So total number of unemployed = 15% * 30275 = 4541
Labor force = employed + unemployed
Employed = Labor force - Unemployment
= 30275 - 4541
= 25734
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